Godrej Properties Plans IPO In Next Ten Months

Published: July 30, 2009 at 6:25 PM | Author: Administrator
News Source: July 29, 2009 - Indian Realty News

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Godrej Properties Ltd (GPL), the real estate arm of the Godrej group, has planned to come out with its initial public offering (IPO) in next the ten months, a top company official said. "We have filed our Draft Red Herring Prospectus and obtained an approval from the Securities and Exchange Board of India (SEBI) in early June to raise funds through an IPO. The permission is valid for 12 months and we still have 10 months for the IPO. Market conditions are conducive and we plan to come out with our IPO in this period," Godrej Industries’ Chairman, Adi Godrej, told shareholders here today.

The fund will go entirely into Godrej Properties and their will be no sale of shares by Godrej Industries. "It will be new capital going into Godrej Properties. We have permission to do 10 per cent to the public which is the minimum required and 3.5 per cent pre-IPO," Godrej said. Godrej Industries currently holds an 80.3 per cent equity in Godrej Properties Ltd. The final valuation will be decided a couple of days before the IPO based on the advise of investment bankers, he said. Godrej Properties is one of the leading real estate development companies in India. The company focuses on residential, commercial and township developments.